BUSINESS LEADERSHIP: THE CATALYST FOR ACCELERATING CHANGE

With thanks to Twitter: @30percentclub BoardEx for LinkedIn: 30percentclub-uk its ongoing Instagram: 30percentclub support Gender balance on teams achieves better outcomes. OUR MINIMUM OBJECTIVES | 30% women on FTSE 350 boards and 30% women at senior management level of FTSE 100 companies by end of 2020 AS CHAIRS, WE HAVE AN OBLIGATION TO SPEED UP THE PACE OF CHANGE AND INFLUENCE THE BOARD SELECTION PROCESS TO TAKE ADVANTAGE OF THE AVAILABLE TALENT POOL. WE MUST CHAMPION DIVERSITY WITHIN OUR OWN ORGANISATIONS, DEVELOP OUR FEMALE TALENT AND BE DEMANDING WITH SEARCH AGENCIES TO ACHIEVE BETTER FEMALE REPRESENTATION ON BOARDS.

Sir Win Bischoff, Chair, JP Morgan Securities

DIVERSE BOARDS MAKE BETTER COMPANIES. THEY DRIVE UP PROFITABILITY, ENHANCE INNOVATION AND ENSURE STRONGER CORPORATE REPUTATIONS. SHAREHOLDERS ARE INCREASINGLY EXERTING PRESSURE ON COMPANIES THAT ARE SLOW TO IMPROVE WE ARE PLEASED TO SEE THINGS ARE MOVING IN THE RIGHT DIRECTION AND WE DO NOT “INTEND TO TAKE OUR FOOT OFF THE ACCELERATOR.

Brenda Trenowden CBE Global Co-Chair, 30% Club WHO WE ARE

LEADERS LEADING BY EXAMPLE

We are a group of Chairs and CEOs taking action to increase gender diversity on UK boards and senior management teams.

The 30% Club campaign was set up by Dame Helena Morrissey in 2010 with the aim of achieving a minimum of 30% female representation on FTSE 100 boards. That target was reached in September 2018 and good progress has been made (current percentage is 34.1%). But, there is still much more work to do to achieve better gender balance at the top of businesses.

Now under the joint leadership of Brenda Trenowden CBE and Ann Cairns, our energies are concentrated on supporting more women into senior management roles and to embedding diversity into enterprise-wide strategy. Ann Cairns Brenda Trenowden CBE Global Co-Chair, 30% Club Global Co-Chair, 30% Club FTSE 100 CEO MEMBERS

Sir Iván Arriagada, Antofagasta Keith Barr, InterContinental Hotels Group** Dominic Blakemore, Compass Group** Alison Brittain CBE, Whitbread** FTSE 250 CEO MEMBERS Lord Stephen Carter, Informa Group** Mike Coupe, Sainsbury** (stepping down 2020) Andrew Croft, St James’ Place Wealth Mgmt Alan Aubrey, IP Group Mark Cutifani, Anglo American Ulrik Bengtsson, William Hill Brian Bickell, Shaftesbury** John Fallon, Pearson** (stepping down 2020) Liv Garfield, Severn Trent** Olivier Brousse, (stepping down 2020) Thierry Garnier, Kingfisher WH Smith** Chris Grigg, British Land** Luke Ellis, Steve Hare, Sage UK Rod Flavell, FDM Group** Mike Henry, BHP** Thierry Garnier, Kingfisher** Stephen Hester, RSA Insurance Group** Tristia Harrison, TalkTalk Group** Chris Hill, Hargreaves Lansdown Andrew Horton, Beazley António Horta-Osório, Lloyds Banking** Kevin Hostetler, Alan Jope, Unilever ** PZ Cussons Dave Lewis,Tesco Jonathan Lewis, ** Chris Loughlin, Pennon Group** David Nicol, ** (stepping down 2020) Johan Lundgren, easyJet** John O'Reilly, Rank Group** Steve Rowe, Marks & Spencer** John Martin, Ferguson (stepping down 2020) Ivan Menezes, Diageo** Preben Prebensen, Close Brothers** Steve Mogford, United Utilities Group** Andrew Rashbass, Euromoney Inst. Investor** David Squires, Senior plc Robert Noel, Landsec** (stepping down 2019) Noel Quinn, HSBC Holdings Jon Stanton, Weir Mark Read, WPP** Fani Titi, ** Nick Read, Vodafone Tobias van der Meer, Hastings Group Holdings** Andrew Reynolds Smith, Smiths Group Guy Wakeley, Equiniti Group Alison Rose, Natwest Group** Roger Whiteside, ** David Schwimmer, ** Keith Skeoch, Standard Life Aberdeen** David Sleath, Segro** James (Jes) Staley, Barclays Bank David Stevens CBE, Admiral Group** David Thomas, Barratt Developments** Maurice Tulloch, Aviva** Emma Walmsley, GlaxoSmithKline** Andrew Williams, Halma Nigel Wilson, Legal & General Group** Bill Winters, Standard Chartered Bank** Charles Woodburn, BAE System

** 30% or more women at ExCo + direct report levels Source: Hampton-Alexander Review, Nov 2019 FTSE 100 CHAIR MEMBERS

John Allan, Barratt Developments*/ Tesco* John Barton, EasyJet* FTSE 250 CHAIR MEMBERS Charles Berry, Sir Donald Brydon CBE, Sage* Charles Berry, Weir Sir Roger Carr, BAE Systems* Stuart Chambers, * Stuart Chambers, Anglo American* Andy Cosslett, Kingfisher* Annette Court, Admiral* John Cryan, Man Group Lord Mervyn Davies, Intermediate Capital* Roger Devlin, William Hill* Sir Ian Davis, Rolls-Royce Andrew Duff, * Roger Devlin, Persimmon* Sir Charles Dunstone, TalkTalk Andrew Duff, Severn Trent*(stepping down 2019) Ian Durant, Greggs* Mike Evans, M&G* Douglas Flint, IP Group Douglas Flint, Standard Life Aberdeen* Gary Hoffman, Hastings Group* Anita Frew, Croda International* Martin Lamb, Rotork* Sir Peter Gershon, National Grid* Paul Lester, */ McCarthy & Stone* Andrew Higginson, WM Morrison Simon Miller, Brewin Dolphin* Sir John Kingman, Legal & General Group* Sir John Parker, Pennon Group* Ken Mackenzie, BHP* Sir Ian Powell, Capita* Sir Adrian Montague, Aviva* (stepping down 2020) Sir Nigel Rudd, Signature Aviation* Deanna Oppenheimer, Hargreaves Lansdown*` David Tyler, * Don Robert, London Stock Exchange Group Sir Nigel Rudd, * (stepping down 2020) Sidney Taurel, Pearson* José Viñals, Standard Chartered Bank* Paul Walsh, Compass Group* (stepping down 2021) * 30% or more women on board Source: BoardEx, 13 January 2020 OUR APPROACH

THE BUSINESS CASE FOR DIVERSITY IN SENIOR ROLES IS CLEAR

The business case is clear – a higher standard of corporate governance, improved financial performance and enhanced capacity to attract and retain female talent.

Diverse teams make better decisions: McKinsey research continues to show a significant link between diversity and financial performance, with companies in the top quartile for executive team diversity 15-24% more likely to outperform their national industry median EBIT margin than their bottom quartile peers.

Similarly Credit Suisse found that companies where women made up at least 15% of senior managers had more than 50% higher profitability than those where female representation was less than 10%.

One woman is not enough: 30% is the proportion when the contributions of a member of a minority group are valued in their own right. Research has shown that a critical mass of three or more women can cause a fundamental change in the boardroom and enhance corporate governance.

30% WOMEN ON FTSE 350 BOARDS

OUR BOARDROOM GOAL

September 2019 saw women’s representation on FTSE 350 boards reach 30% for the first time in history. Whilst we celebrate this milestone, this target was a minimum and there is still much work to do – 128 companies have still not reached 30% and there is still 1 all-male boards in the FTSE 350 (down from 151 in 2010).

Driving further progress will require demand by investors, leadership from board chairs, commitment by nominations committees and action from head hunters. It will also require ongoing investment from CEOs and leadership teams in developing the pipeline of female directors

Percentage of female directorships on FTSE 350 boards 35% 32.3% 30.1% 30% 27%

24.5% 25% 21.9% 23%

20% 17.4% 14.7% 15% 11.5% 9.5% 10%

5%

0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 GETTING TO 30% AT FTSE 100 SENIOR MANAGEMENT LEVEL

THE PIPELINE GOAL

Achieving 30% women at senior management level of FTSE 100 companies is also within sight. Women currently comprise 28.6% at Executive Committee and direct report levels.

FTSE 100 38 companies have already reached 30%, up from 35 in 2018 There are 6 all-male Executive Committees, up from 5 in 2018

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SHARING RESOURCES AND COLLABORATING

The 30% Club complements and amplifies individual company efforts and existing groups through measurable goals and broad collaboration.

There is no financial commitment; the 30% Club campaign is driven by our Ambassadors and Working Groups that are made up of senior directors and executives who volunteer their time and skills to help direct efforts.

The Working Groups are primarily focused on influencing change by working with investors, the government, the media, as well as Chairs, CEOs, HR Directors and Strategy Directors. FOCUSING OUR EFFORTS

INFLUENCING IN THREE KEY AREAS

Companies By signing up Chairs and CEOs to set a 30% target at board and senior management levels, as well through our HR Best Practice Group, our Strategy Best Practice Group and our Cross-Company Mentoring scheme.

Public Policy Through interaction with relevant government departments, task forces and regulators.

Investors Through our UK Investor Group which looks to co-ordinate the investment community’s approach to diversity. Made up of asset owner, asset manager and charity members, the Group represents £11 trillion of global assets. It constructively engages with FTSE350 companies to improve gender balance as a strategic and economic imperative. A COHESIVE APPROACH

Ownership and advocacy by those in power Research focused on cognitive and behavioural diversity

Speakers for Cross-party Schools political support HE Working Group

Business School Scholarships

Int'l chapters Cross-Company Mentoring Scheme

Set clear targets: what gets measured gets managed Constructive engagement including better disclosure, voting OUR GLOBAL CHAPTERS

A FOUNDATION TO BUILD ON

With chapters in fourteen countries/ regions, the 30% Club is approaching this issue on a global scale. Each chapter believes in diversity as a driver of business growth.

Australia Brazil Canada East Africa GCC Hong Kong Ireland Italy Japan Malaysia Southern Africa Turkey United States

Proud to be a Friend of the OECD Forum WHAT YOU CAN DO

SUPPORTING THE 30% CLUB

We encourage individuals and organisations to support our work and help us in our quest to increase the number of women on company boards and at senior management level.

● Become a Chair or CEO Member (please check website FAQs for criteria) ● Call upon your own organisation to introduce targets for women in leadership

● Share information on the 30% Club with your colleagues and networks

● Encourage lagging companies to improve their diversity efforts ● Host events for the 30% Club

● Join in the conversation by tweeting @30percentclub CONTACT US

Please email Francoise Higson to sign up to the 30% Club or for any general enquiries: [email protected]

Please email the Media team for any media enquiries: [email protected] FURTHER INFORMATION

DETAILS ON THE 30% CLUB

Please see www.30percentclub.org/about/chapters/unitedkingdom For further details on our:

Campaign Members (including non-FTSE members) Ambassadors Working Groups FAQs (including membership criteria)

Please see www.30percentclub.org/resources/research-articles for:

30% Club Research Third Party Research APPENDIX

Twitter: @30percentclub LinkedIn: 30percentclub-uk Instagram: 30percentclub KEY STATISTICS (as at 08 April 2020)

FTSE 100 Women on boards: 34.1% Companies with <30% women on boards 29 Companies with >30% women on boards: 71 Women at Executive Committee & Direct Report Levels: 28.6%* All-male boards: 0 Female Chairs: 8 Female CEOs: 5 Female CFOs: 17

FTSE 250 Women on boards: 31.3% Companies with <30% women on boards 99 Companies with >30% women on boards: 147 Women at Executive Committee & Direct Report Levels: 27.9%* All-male boards: 1 Female Chairs: 20 Female CEOs: 7 Female CFOs: 32

FTSE 350 Women on boards: 32.3% Companies with <30% women on boards 128 Companies with >30% women on boards: 218 Women at Executive Committee & Direct Report Levels: 28.2% All-male boards: 1 Female Chairs: 28 Female CEOs: 12 Female CFOs: 49

*Source: Hampton-Alexander Review | FTSE Women Leaders, November 2019

With thanks to BoardEx for its ongoing support